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Home My WebLink About0891 I3orrower and l.ende~ covenant and agree ae folluwa: l. Payment of F~rincipal and Intereat. Borrower ehaU promptly puy when due the principal of and intereat on the indebtednexs evidenced by the Note, prep+iyment and late chargee aa pruvided in the Nute, and the princip~l of and intereat on any Future Advancea sei ured by thia Mortgage. 'l. F`unde tor Taxes und Insurance. Subjecl W applicable Iaw or to a writteo waiver by l.ende~, liurn,wer ahxll puy to l.endar un the day monthly installments of principal and intereat are puyubie under the Note, until the Note ia paid in full, a sum ~herein "h unde") equnl to one twelRh of the yearly taxea nnd usseaamente which may attain priority over thia Mortgage, t~nd grou~d rente on the Pruperty, if any, plua ont twelRh of yearly premium inatallmenta for hazurd inaurance, plua onetwelflh of yearly premium inatallmenta for morlguge insurance, if ~ny, all e~s reaeonabiy eatimated initially u~d from time to tiR~e by l.ender on the basis of t~xsessmenta and billa aod rensonuble eatimatea thereof. The ~nds ahall be held in an inetitution the deposits or accounts of which are i~eured or guaranteed by a Federal or State agency (including l.ender if I.ender is such an institution). Lender shall apply the h unde to pay eaid taxea, asaeaxmenls, inaurance premiuma and ground rents. Lender may not charge for eo holding and applying the l~tinda, analyzing eaid account, or verify~ng and compiling said asseeaments and bille, unlesa I.e~der pays Borrower interest on the Funde and applicable law permita l.ender to make auch a charge. Borrower and I.ender may agree in writing at the lime of execution of thia Mortgage that intereat on the Funda ehall be paid to Borrower, and unleae auch agreement is made or applicable law requiree such intereat to be paid, l~ender shall not be required to pay Horrower any intereat or earninga on the Ftinda. Lender shall give to Borrower, without charge, an annual nccounting of the Funds ahowinq credita and debita W the ~nde and the purpose for which each debit to the Fti?nds was made. The F unds are pledged ae additional eecurity for the sume eecund by this Mortgage. If the amount of the ~nda held by l.ender, together with the future monthly instellments of Funds payable prior to the due datea of ta:es, asseaementa. ineurance premiume and ground rente, ehall e:cYed the amount required lo pay said taxea. asseasmenta, insurance premiuma and ground rents as they fall due, such excesa shaii be, at t3o~rower a option, either pmmptly repaid to Borrower or cTedited to Borroweron monthly inatallments of Ftinde. If the amount of the Funds held by Lender shall not be aufficient to pay taxes, asaeeamente, ineurance premiums and ground renta ae they fall due, Borrower ahall pay to I.ender any amount neceseary to make up the-deficiency within 30 days from the date notice ia mailed by l.ender to i3orrower requesting payment thereof. Upon payment in full of all auma eecured by thie Mortgage, I.ender ehall promptly rnfund to Borrower any funda held by I.ender. If under paragraph 18 hereof the Properiy ie eold or the Property is otherwise acquited by Lender. Lender ahall apply, no later than immediately prior to the sale of the Property or ite aequiaition by l.ender, any F~nde held by I.ender at the time of application as a credit againet the sume secured by thie Mortgage. ~r` • • . • . 3. Application of Peymenta. Unleas applicable law pmvides otherwiae, all payments received by I.ender under the Note and paragrapha 1 and 2 hereof ahall be applied by l,ender fimt in payment of amounte payable to Lender by Borrov?er under paragraph 2 hereot, then to intereat peyable on the Note, then to the principal of the Note, and then to interest and principal on nny Future Advances. 4. Charges; Liena. Borrower shall pay all taxea, assessments und otherchnrges, fines and impositions attributable to the Yropertp which may nitain a prio~ity over this Mortgage, and leasehold paymen~.s or Ecmund rents, if any, in the manner provided under paraKraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof Bormwer shaU promptly fumish to I.rnder all nuticea of amounta due under this paragraph, and in the event E3orrower shaD make payment directly, f3ormwer shall promptty fumish to Lender receipts e~ idencing auch payments. Rorrower ehaU promptly discharge any lien which has priority over this Mortgage; provided, that E3orrower ahall not be required to discharge any such lien ao long as I3orrower shaU agree in writing to the payment of theobli~ation secured by such lien in a manner acceptable to [,ender, or shall in good faith cuntest such lien by, ordefend enforcement of such lien in, lrgal proceedings which uperate to prevent the enforcement of the lien or [orfeiture uf the Property or any part thereot. 5. Hazard Ineurance. Borrower shall keep the impm~ ements now exiating or hernafter erected on the Property insured againat loas by fire, hazards included within the term "extended coverage," and auch other hazards ae I.ender may require and in auch amounte and for such perioda as Lender may require; provided, that Lender shall not require such rnverage amount exceeding the minimum, as may be required by atate or federal regulationa governing activitiea of Lender, or that amount of coverage required to pay the auma eecured by this Mortgage. whichever is the greater. The insurance carrier providing the insurance shaU be chosen by Borrower subject to approval by I.ender, provided, that such approval shal! not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by E3orrower making pay~nent, when due, directly to the insurance carrier. . All inaurance policies and rnnewals thereof ahall be in form acceptable to Lender and shall include a standard mortgage clause in favor of j and in form acceptable to [.ender. Lender shall have the right to hold the policiea and renewals thereof; and Borrower shail promptiy furniah to ~ ixnder all renewal noticea and all receipts of paid premiume. In the event of lass, Borrower ahall give prompt notice to the inaurance carrier f and [.ender. Lender may make proof of loea if not made promptly by Borrovrer_ ~ Unlesa Lender and E3orrower otherwiae agree in writing, inaurance proceeda shall be applied to reetoration or repair of the Property ~ damaged, provided auch restoration or repair ie economically feasible and the eecurity of this Mortgage ie not thereby impaired. It such ~ reatoration or repair is not economically feaeible or if the security o! this Mortgage would be impaired, the inaurance proceeda ahall be applied W the euma eecured by thia Mortgage, with the eaceea, if any, paed to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to ~ respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offere to setde a claim for [ ineurance benefite, Lender is authorized to collect and apply the inaurance proceeds at Lender'a option either to reatoration or rnpair of the ~ Property or the suma secured by this Mortgage. ~ Unleas Lender and Borrower otherwiae agree in writing, any auch application of prooeeda to principal ahali not extend or pustpone the due date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amount of such installments. If under paragraph 18 ~ hereof the Property is acquired by I.ender, aU riqht, title and interest of Borrower in and to any insurance policiea and in and to the proceede ~ thereof reaultinq from damage to Property prior to the aale or acquiaition ahall pasa to l.ender to the extent of the eums aecured by thie Mortgage immediately prior to auch eale or acquisition. ~ 6. Preservation and Maintenance of Property; Leaeeholde; Condominums; Planned Unit Developmente. Borrower ahall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Propedy and shall comply with the ~ proviaiona of any lease if this Mortgage is on a leasehold. If thie Mortgage is on a unit in a rnndominium or a planned unit development, ~ Borrower ehall perform all of Borrower's obligatione under the declaration or covenanta creatingor governing the condominium or planned ~ unit development, the by-lawa and regulations of the condominium or planned unit development, and rnnstituent documents. If a ~ condominium or planned unit development rider ie executed by ~iorrower and recorded together with this Mortgage, the oovenants and ~ agreementa of such rider ahall be incorporated into and ahall amend and supplement the covenants and agreementa of thia Mortgage ae if the ~ rider were a part hereof. _ _ 7. Protection ot Lender's 3ecurity. If Borrower faila to perform the oovenants and agn~emente contained in this Mortgage, or if any ~ action or proceeding ie commenced which matetialiy afferta I.ender s intereat in the Property, including, but not lia?ited to, eminent domain, ~ insolvency. oode enforcement, or arrangemente or proceedinge involving a banknipt or decedent, then Lender at I.ender a option,upon ~ - aotice to Borrower may make euch appearancee, disburee euch sums and take auch action as ie necesaary to protect I.endei s intereet, ~ including, bnt nat limited to, diabureement of reasonable attorney's feee and entry upon the Property to make repaire. tf L.enda required ~3 mortgage ineurance se a condition of making the loan serured by lhie Mortgage, Borrower ahall pay the premiume required to maintain - such inauraace in effect unW euch time aa the requimment for auch ineurance terminatee in accordance with Borrower's and Lender s r} written agreement or applicable I.aw. Borrower ehall pay the amount of all mortgage ineurance premiume in the manner provided undet ~ ~ paragraph 2 hereof. ' My amounta diabureed by Lender persuant to thia paragraph 7, with intereat thereon, shall beoome additional indebtedneea of r Borrower eecured by thie Mortgege_ Unleae Horrower and Lender agree to other terma of payment, auch amouute ahall be payable upon ~w notice from Lender to Borrower [equesting payment thereof, and ehall bear intereet from the date of diebureeinent at the rate payable ~om time to time on outatanding principal under the Note nnless payment of intereat at euch rate would be contrary to nppliceble law, in which = event auch amount8 ahall bear intereat at the highest rate permisaible under applicable law. Nothing contained in this paragraph 7, ehall require Lender to incur any expense or take any action hereunder. •`3 • ~ ~ ~r ~p s3 BOC~r ~9 ! ~ACf ~L3D n3 . u ~ ~ . ~ ~ ` ~ ~ ~ ` . ~ , _